TradingMarkets 7 Stocks You Need to Know for Friday: BK, AXP, FDX, NFLX, MSG, DDS, WYNN
U.S. stocks followed through to the upside in a big way going into the final trading day of the week.
Still moving higher in the wake of the broad-based pullback into oversold territory earlier in the week were stocks like ^CAH^, up more than 4% after a two-day pullback, and ^BA^. Shares of Boeing rallied by 3% after a three-day pullback to the edge of oversold territory.
*Special Note: Learn how to build a balanced, high performing portfolio using The Machine in the upcoming online presentation by Larry Connors, founder and CEO of TradingMarkets. Click here to learn more.
Here are 7 Stocks You Need to Know for Friday.
Buyers returned to oversold financial stocks ahead of trading on Friday. Up nearly 3% on Thursday were both ^BK^ and ^AXP^.
Rallying by more than 2% after a two-day pullback into oversold territory on Thursday were shares of ^FDX^ (below).
FDX closed above its 5-day moving average for the first time since breaking down below that level more than a week ago.
Pullbacks were not plentiful on a day like Thursday, with pressure of strong buying sending most stocks higher. Nevertheless, shares of ^NFLX^ (below) continue to be unloaded, causing the stock to pullback for a fifth consecutive session.
Shares of NFLX have closed lower for all but one of the past tweleve trading days.
Scheduled to report quarterly earnings on Friday is Madison Square Garden Inc. ^MSG^. The stock closed higher by well over 2% in Thursday’s session, MSG’s fourth consecutive higher close. All four of those closes have been in overbought territory above the 200-day moving average.
Among the bigger pullbacks in the Russell 2000 was the drop of more than 6% in shares of ^DDS^ (below).
The sell-off in Dillards takes the stock to its most oversold level in more than a month.
Up more than 3% ahead of trading on Friday were shares of ^WYNN^. The stock has closed higher for the past five days in a row, the past two in overbought territory above the 200-day moving average.
With 16 backtested strategies for trading bull markets, bear markets and sideways markets, Short Term Trading Strategies That Work by Larry Connors and Cesar Alvarez may be the most important trading book you read this year. Click here to order your copy of Short Term Trading Strategies That Work today.
David Penn is Editor in Chief of TradingMarkets.com